The average spread 6-months to expiry over the past 6-years has been -2.27

The maximum has been 7.25 and the minimum has been -8.472.

On this date the average was -3.542 with a maximum of 1.025 and a minimum of -7.475. Currently at -4.80 up 0.05 on the day.

Historically there is a mild tendency to rally into mid-September

Technically it appears to be in a down-trend that may be finding a short-term bottom.

Working to buy at -5.10 and sell at -4.375.

Best wishes,

dhm